2007-07-24 14:34:52 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
you pay the penelties of breech of contract.
2007-07-24 14:39:09 · answer #1 · answered by tunerdaddy 2 · 2⤊ 0⤋
You can return the car, however you are going to be held responsible for the difference between the value of the car today, and the balance owed. This is likely to be thousands of dollars.
In addition, you can be charged an early termination fee, which can be quite a bit.
A lease is not like a rental. A lease is just another way to structure the financing on a vehicle. Rather than paying for the entire vehicle, you just pay for the value that you use.
In this case you have a severe depreciation in the value of the vehicle. You have not paid enough to cover the reduced value. The leasing company will want you to pay all monies due in a lump sum. If you do not, they will sue you, and garnishee your wages, and any other assets you have!
You will be better off keeping the car!
2007-07-24 22:21:23 · answer #2 · answered by fire4511 7 · 1⤊ 0⤋
Many lease companies prohibit ending a lease within the first 6-12 months of the lease. Read your lease contract.
Even if it's allowed, the high cost of an early termination will be prohibitive and not accomplish what you want. If you call your lease company, they can tell you what that cost will be. You'll most likely be unpleasantly surprised.
2007-07-28 19:32:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Leasing a vehicle you MUST fully understand the contract, whatever term you sign be 100% sure you will want to keep it for that term
If you went to jail for 3 or 4 years you most likely would be released early with good behavior, with a lease, there is no parole without hurting your pocketbook big time.
I read FIRE4511 answer he really explained details in full, I got nothing to add
2007-07-24 22:39:12 · answer #4 · answered by Anonymous · 2⤊ 0⤋
You are cursed with bad credit for years to come.
The path to bankrupcy is paved with leases.
2007-07-24 21:38:23 · answer #5 · answered by Anonymous · 0⤊ 2⤋
You will have to pay through your a-- to avoid major credit problems.
2007-07-24 22:13:51 · answer #6 · answered by Anonymous · 3⤊ 0⤋
You'll lose a ton of money and your credit report will take a huge negative hit.
2007-07-25 00:05:26 · answer #7 · answered by mccoyblues 7 · 1⤊ 2⤋
you should have read the terms of your contract,and thought about what happens,before you signed it,yikes!!!
2007-07-24 21:49:34 · answer #8 · answered by Anonymous · 1⤊ 2⤋
bad credit galore.
2007-07-24 21:59:28 · answer #9 · answered by love_dont_judge 2 · 1⤊ 2⤋